Symmetry Medical Inc. (Symmetry), a provider of products to the global orthopaedic device industry and other medical markets, has announced its plan to spend about MYR35 million (USD10 million) to expand its Penang plant over the next two to three years, the Bernama reported.
Its president and chief executive officer Brian Moore said following the successful development of its operation in Penang, the company was looking to expand its local business rapidly over the coming years.
“We have decided to invest the money especially in equipment, design and developing expertise mainly because the Penang plant is the Asia-Pacific headquarters,” he told reporters here Tuesday.
Moore said the company expects to achieve about USD50 million revenue in the global market next year.
“The company currently occupies a 50,000-square foot facility in Bayan Lepas, where it is designing and manufacturing implants, instruments and sterilisation cases for markets in Asia, Europe and the United States,” he said.
Moore said Symmetry Medical has started to generate new customer relationships in the region as a result of the company’s presence and expanding capabilities.
“We look forward to further progress in growing our presence as the global demand is expected to grow in the years to come,” he said.
Moore said the company was also planning to increase its headcount in Penang in the coming months as strong demand from global customers was expected to drive further growth.
“We are keen on hiring some engineers with medical design experience to cope with the demand of the global market,” he said.
Symmetry Medical also designs, develops and produces these products for other segments of the medical device market, including the arthroscopy, dental and endoscopy sectors, and provides specialised products and services to non-healthcare markets.